ABB Framtida tillväxt
Future kriterier kontrolleras 2/6
ABB förväntas öka intäkter och intäkter med 7.1% respektive 7.7% per år. EPS förväntas tillväxt med 8.1% per år. Avkastningen på eget kapital förväntas bli 25.5% om 3 år.
Viktig information
7.1%
Tillväxttakt i vinsten
8.12%
Tillväxttakt för EPS
| Electrical vinsttillväxt | 18.0% |
| Intäkternas tillväxttakt | 7.7% |
| Framtida avkastning på eget kapital | 25.53% |
| Bevakning av analytiker | Good |
| Senast uppdaterad | 06 May 2026 |
Senaste uppdateringarna om framtida tillväxt
Recent updates
Seeking Alpha • Feb 01
ABB Q4 2022 Earnings Preview
ABB (NYSE:ABB) is scheduled to announce Q4 earnings results on Thursday, February 2, before market open. The consensus EPS estimate is $0.39 and the consensus revenue estimate is $7.64B (+0.9% Y/Y). Over the last 2 years, ABB has beaten EPS estimates 88% of the time and has beaten revenue estimates 75% of the time. Over the last 3 months, revenue estimates have seen 5 upward revisions and 1 downward. Read why SA author Zen Analyst thinks ABB's (ABB) premium valuation is hard to justify.Seeking Alpha • Jan 15
ABB: Premium Transformation Story
Summary ABB is undergoing a transformation to improve its performance and operations. The company's margins and earnings quality are expected to improve as a result of portfolio reshaping efforts. However, achieving top line growth remains a challenge, which may make it difficult to justify its premium valuation.Seeking Alpha • Dec 25
ABB: A Counterintuitive Top Pick For 2023
Summary ABB shares are down ~(21%) YTD as FY ‘22 comes to a close, even lagging the Euro STOXX Industrials index which is down ~(16%) YTD. After a rough 1H, Q3 results were strong with strength in the Electrification and Motion businesses, which together contribute ~75% of ABB’s operating EBITDA. Management expects to exit Q4 with a strong cash position. And I argue that the business may offer investors countercyclical dynamics under threat of a 2023 recession. While shares rallied following Q3, I suggest they may still be undervalued when considering the value of ABB’s “parts”. I propose ABB as a top pick for 2023 considering the points above, the current ~2.9% dividend yield, and management's ongoing commitment to unlock shareholder value. From Bloated to Buy With a potential recession looming, industrial giant ABB Ltd. (ABB) might seem to be a stock best avoided. Counter-intuitively, I propose the exact opposite and suggest ABB as a top pick for long investors in 2023. After struggling for years (arguably) with a bloated portfolio of businesses and depressed demand during the pandemic, a newly streamlined ABB saw its operating EBITDA margin recently hit a high of 16.6% in Q3 FY ‘22. Figure 1: ABB Operating EBITDA Margin (ABB Earnings Release Q3 FY '22) Granted this is merely one, isolated data point, but it’s worthwhile noting here in the introduction that it puts management on track to reach their long-term EBITDA profitability goal of 15%+ one year early. Figure 2: ABB Growth Algorithm (Yves Sukhu/ABB Annual Report FY '21) And mentioning this fact helps set the stage in this report to argue that: 1. Management’s turnaround plan is working. 2. The firm’s product and geographic diversity, coupled with its positioning to tackle the megatrends of electrification, renewable energy, and automation, may prove resilient even under recessionary conditions. 3. Shares may be undervalued on a “sum of the parts” basis. Against the Grain To be clear, my pitch of ABB as a “buy” heading into the new year goes against the grain of some recent important analysis, including a late November downgrade issued by BNP Paribas to sell shares. Figure 3: ABB Selected Analyst Ratings (Yves Sukhu/MarketScreener) Investors also seem a bit skittish of what may lie ahead in 2023, despite the rally in shares following the announcement of Q3 results. Figure 4: ABB and Selected Competitor Performance (Yves Sukhu) Notes: Data as of market close December 23, 2022. These sentiments are to be expected given the overhang of a potential recession, even if I do not agree. Signs of a Turnaround: Diving Into Q3 FY ‘22 Results and Looking Out to Q4 As readers know, 1H FY ‘22 was a turbulent period for ABB, with the firm battling supply-chain bottlenecks and strict COVID-19 lockdowns in China. Problems in China were felt across ABB’s 4 operating segments of Electrification (“EL”), Motion (“MO”), Process Automation (“PA”), and Robotics and Discrete Automation (“RA”); but they hit RA especially hard. However, with supply-chain shortages easing and China re-opening its economy, Q3 performance was generally excellent (with quotes below from ABB’s Earnings Release Q3 FY ‘22): Group revenue of $7.4B was up 18% year-over-year (“YoY”) on a comparable basis. Americas and Europe geographic regions “led the way”, growing 23% and 18% respectively on a comparable basis; with strong sequential growth in the United States, Spain, Italy, and the United Kingdom. Total sales of $21.6B for the 9 month period ending September 30 reflected comparable growth of 10%. Orders of $8.2B grew 16% on a comparable basis. EL and MO order growth outpaced PA and MO, growing 20% and 24% respectively on a comparable basis. “[PA] was hampered by a high [prior period] comparable and timing of [new orders]. [“RA”] saw protracted lead times in customers’ decision making.” Even so, PA and RA orders grew 3% and 7% respectively on a comparable basis. On the whole, management noted “...customer activity was robust for both the short-cycle flow business and the systems business.” Order backlog of $19.4B at the end of Q3 reflected 35% YoY growth on a comparable basis. Group book-to-bill ratio of 1.11. The firm’s book-to-bill ratio reflected the 7th straight quarter with the metric above 1 signaling continued, healthy market demand. Record 16.6% operating EBITDA margin. EL, MO, and PA drove the strong group operating EBITDA margin performance with 18.0%, 17.8%, and 15.3% segment margins respectively – the highest results seen in those segments in several years. Even RA, which, as mentioned, has struggled in FY ‘22, achieved double-digit operating margin during the quarter of 12.8%. Management noted operating EBITDA performance was driven by higher volumes, pricing execution, and other operational improvements which offset raw materials, labor, and freight cost inflation. As ABB’s 2 largest segments, both EL and MO saw comparable sales growth above 20% during the quarter. As evidenced by FY ‘21 and Q3 FY ‘22 data as two examples, EL and MO account for more than 2/3 of total sales and ~75% of operating EBITDA. Both segments posted a strong performance, with EL and MO sales jumping 22% and 23% YoY respectively on a comparable basis. MO saw strong growth in China – a particularly large market for the segment – and was the only operating segment to realize positive growth in China during Q3. Adjusted EPS of $0.36/share versus $0.33 in the prior period. GAAP EPS declined (41%) YoY to $0.19 during the quarter. However, net earnings were impacted by a ($325M) non-operating charge related to ABB’s settlement of bribery allegations related to the Kusile Power Station project in South Africa. Adding back the charge using ~1.9B shares outstanding, adjusted EPS was ~$0.36/share, as compared with $0.33 in the prior period. Note: Comparable figures above account for portfolio changes and currency effects. Management noted the strong dollar introduced a (9%) to (10%) headwind during the quarter. Figure 5 below summarizes Q3 performance across operating segments and for the group. Figure 5: Summary of ABB Operating Segment Performance Q3 FY ‘22 (Yves Sukhu/ABB Earnings Release Q3 FY '22) Notes: Consolidated group results for Q3 include intersegment eliminations. Q3 performance, of course, only reflects a point in time. However, strong orders growth across the group, feeding into the nearly ~$20B backlog, signals the “leaner and meaner” ABB – which shed itself of its Power Grids, Dodge, and turbocharger businesses over the last handful of years – is progressing with its turnaround by doubling-down on electrification and automation technologies. Moreover, guidance indicates the company will exit Q4 FY ‘22 in a strong position with management anticipating: Low double-digit comparable revenue growth. Sales growth will come against a tough Q4 FY ‘21 comparison. Strongest quarter in terms of cash. ABB exited Q3 with ~$3.5B in cash and marketable securities. The firm’s cash position will be bolstered in Q4 by management’s decision at the end of Q3 to exit the company’s remaining 19.9% stake in Hitachi Energy for $1.4B. Additionally, management noted that the biggest tie-up in cash during 1H FY ‘22 was in inventory; however, CFO Timo Ihamuotila noted that inventory levels have normalized. Accordingly, investors can expect the business to finish FY ‘22 with a strong cash position. No additional provisions to be made relative to the Kusile Power Station project. CEO Bjorn Rosengren suggested during the Q3 FY ‘22 Earnings Call that the Kusile “matter” is effectively resolved. However, Mr. Ihamuotila seemed to hint that the settlement is not entirely finalized and that there could be future cash flow impacts. Perhaps a reasonable investor inference is that the bulk of a final settlement amount was recorded in Q3. Thus, any additional impacts in Q4 and/or 2023 may be limited. Sequentially lower operating EBITDA margin, but strong enough to support full-year target of 15%+. Management noted its historical business pattern sees lower profitability in the fourth quarter. Still, to reiterate, the group’s strong Q3 performance puts the business in a position to hit its full-year target of 15%+ operating EBITDA margin in FY ‘22 – one year ahead of plan (see Figure 2). While ABB’s turnaround journey is far from over, Q3 results and the outlook for Q4 suggest the group is “on-the-right-track”, with Mr. Rosengren offering that he thinks “..[ABB has] taken a giant step…[and thinks the business is]...now coming up to the right levels [of financial performance].” A Counter-Intuitive Play for 2023 Even if a recession hits next year, that doesn’t necessarily imply all industries will be equally affected, nor that all geographies will be equally affected. Indeed, ABB’s geographic diversity, along with its product diversity, may prove resilient even under recessionary conditions. On this point, consider EL and MO. As mentioned in the last section, EL and MO make up the bulk of ABB’s operating EBITDA (see Figure 5). Both segments have significant exposure to the buildings and transportation/infrastructure end-markets; and each of these two end-markets is being driven by sticky trends in “greener” design, energy efficiency, electrification, etc. Progressive governments (technologically-speaking) in EL and MO’s largest geographies – namely Europe, the United States, and China – seem “dead-set” on re-architecting their infrastructures and transport systems, irrespective of economic conditions to a certain extent. For example, following a lackluster 2022, infrastructure spending in China may be set to grow significantly in 2023 with the Chinese government seemingly abandoning their long-standing zero-COVID policy. With the Russia-Ukraine war exposing the European Union’s (“EU”) weakness with respect to energy, EU governments are set to increase funding for strategic infrastructure projects to move the continent toward energy independence. And, of course, climate change concerns are driving increased electrification of not only automobiles, but heavy vehicles as well. It goes without saying that EL and MO are well-positioned to exploit these dynamics; and, obviously, a strong performance from both businesses in the new year will support the overall group. It seems to me the outlook for PA and RA in 2023 is more uncertain, albeit perhaps with room for optimism. Management indicated they expect a better PA performance in Q4, although headwinds emerged in Q3 in the metals end-market due to high energy prices. Yet, with good demand in refining, mining, marine, and gas during the most recent quarter, PA may have more to look forward to in the new year, especially with respect to energy-related projects. RA, which cited lower order growth in Q3 in part due to longer sales cycles, could be set to rebound in Q4 and 2023 as customers pull the trigger on new orders, particularly with the easing of semiconductor and electronics component shortages. Moreover, management is anticipating a stronger RA margin performance in Q4, driven in part by strong development in the food and beverage (F&B) end-market. Logically, the massive F&B market is likely to continue pushing more into automation – even during less-than-ideal economic conditions – to counteract inflationary effects and drive efficiencies. All in all, it is reasonable to think that ABB’s operating segments will offer investors certain countercyclical dynamics during a potential 2023 recession. That is not to say that the business will be immune to macroeconomic headwinds. But, I believe, using the argumentation above, that the group may prove far more resilient than some may think. Room to Run As discussed earlier, ABB shares rallied following Q3 results and closed at $30.30 on December 23, 2022. Figure 6: ABB Stock Price Performance (Yves Sukhu) I noted in my last article on ABB that activist investor Cevian Capital had suggested a while ago that shares should be trading closer to CHF 35; although that call came pre-pandemic, during very different market conditions than right now. In fact, if the analysts listed in Figure 3 are in the right ballpark, shares may be fairly valued right now based on the average of CHF 28.40, or $30.44 using a conversion rate of 1 CHF/$1.07 USD. Figure 7: ABB Selected Analyst Price Targets (Yves Sukhu/MarketScreener) However, it does seem that the valuation the market places on the “whole” of ABB may not fairly reflect the sum of the parts – i.e. a scenario where each operating segment was trading as an independent company. For example, let’s consider a simple exercise where we assume that Schneider Electric S.A. (OTCPK:SBGSY), Rockwell Automation (ROK), Emerson (EMR), and Fanuc (OTCPK:FANUY) are proxies for ABB’s EL, MO, PA, and RA businesses respectively. Now, let’s take a guess at total FY ‘22 revenues for each ABB operating segment by: Starting with total FY ‘21 sales for each segment. Subtracting an equal amount from each segment to account for FY ‘21 intersegment eliminations. Assuming each segment will grow this year by the midpoint revenue growth target of 5.5%, implied by the company’s growth algorithm in Figure 2, to arrive at an estimate of total FY ‘22 revenue for each segment.Seeking Alpha • Nov 01
ABB Has Rebuilt Belief In Its Execution, But Macro Is Getting More Challenging
Summary ABB's third quarter results included above-average revenue and order growth, as well as the best margins seen in many years as ABB leverages past self-improvement efforts. Cracks are emerging in the macro outlook, with short-cycle demand likely to fall next year and a pause in automation capex looking more and more likely to me. The next 12-18 months will likely be more challenging for reported revenue and order growth, but ABB is attractively-leveraged to major growth opportunities (automation, decarbonization, electrification) and undervalued. I’ve been pretty straightforward in my praise of ABB’s (ABB) management team since Bjorn Rosengren joined the company, and they continue to deliver results with significant transformation (selling, divesting, and restructuring businesses) and restructuring, with the company now posting the best margins in many years despite ongoing input/supply chain inflation. Valuation did get a little ahead of itself, though, and coupled with growing concerns about short-cycle and automation demand in 2023, the shares have underperformed of late. Since my last update, the shares have lost close to 20% of their value, underperforming the broader industrial sector by about 15%, as well as frequent comparables like Eaton (ETN), Rockwell (ROK), Schneider (SBGSY), and Siemens (SIEGY). I do have some concerns about the macro outlook for 2023-2024, but my concern is more on market sentiment toward ABB than any meaningful alternation in the long-term outlook for major drivers like electrification and automation. Still, with a prospective long-term annualized return back in the high single-digits, this is a name worth at least a spot on a watchlist. Exceptional Growth In The Third Quarter ABB’s third quarter results were pretty good, but it does seem as though there are some signs of “fatigue” in the company’s end-markets. Moreover, expectations for ABB’s performance have been growing over the past 12-18 months, and that sets a higher bar for impressing analysts and institutional investors. Revenue rose 18% in “comparable” terms in the third quarter, beating expectations by about 1%. Gross margin rose almost a point (up 90bp to 33.5%), and management did note some improvements in its supply chain situation. Reported EBIT declined 17%, beating by 13%, while company-reported operational EBITA rose 16%, beating by 8%, with margin up 150bp to 16.6%. I should note that ABB’s EBITA calculation includes some items that I wouldn’t normally recommend excluding, but most analysts do seem to go along with this calculation. Orders rose 16% on a comparable basis, while backlog rose 35%, and that compares quite strongly to what many industrials are reporting and it does at least partly refute the concerns over a steep slowdown in 2023 earnings. This also marked the seventh straight quarter of a book-to-bill above 1.0. Relative to the “average” industrial, ABB was well ahead of the roughly 11% organic growth seen in calendar third quarter results, with the 150bp improvement in operating margin (operational EBITA) likewise well above the sub-50bp average. Breaking Down The Businesses Looking at ABB’s segments, the trends were positive overall, but there were certainly a few soft spots worth monitoring. I also want to note that while I present comparables information, there are always challenges comparing two businesses, as they don’t structure/define their businesses identically. In other words, regard this as more like commentary on general trends. Electrification ABB’s Electrification business posted 22% organic revenue growth this quarter, beating by 1%. Segment EBITA rose 27% (beating by 4%), with margin up 210bp to 18%, and orders rose 20% (beating by 4%), while backlog rose 41%. The business was strong across the board, though results in China were softer. Eaton reported revenue growth of almost 13% and 18% in its comparable businesses (with combined orders up around 27%), while Schneider’s revenue was up 12% and Hubbell’s (HUBB) rose 20% (Utility up 28%, Electrical up 10%). Motion Motion segment revenue rose 23%, beating by 2%. Segment profits rose 5%, beating by 7%, with margin up 40bp to 17.8%. Orders rose 24%, beating by 4%, while backlog rose 42%. Results were again strong across the board in terms of end-markets, though business in China was softer. Neither Rockwell nor Siemens have reported as of this writing, but I’d argue that Regal Rexnord (RRX) and Altra (AIMC) are somewhat useful comps, and sales here were up 8% and 2%, respectively, in the quarter. Process Automation ABB’s process automation business revenue grew 6% in the quarter, a 4% miss versus expectations. Segment EBITA rose 9%, beating by 5%, with margin up 160bp to 15.3%. Orders rose 3%, missing by 6%, while backlog rose 11%. Honeywell (HON) reported 7% revenue growth in its comparable business this quarter, while Emerson (EMR) reported 13% revenue growth and 6% order growth, and Schneider reported 12% revenue growth in its automation business. ABB is seeing improving gas demand and stable power generation and pulp/paper demand, but is seeing early signs of a slowdown in the metals and mining end-market. Management talked about some “timing” impact on orders, but it’s worth mentioning that ABB isn’t as well-placed as some of its peers in areas like oil/gas and petrochemicals where demand could be firmer in 2023. Robots & Discrete Automation Revenue in this division rose 13%, missing by 2%. EBITA rose 16%, beating by 11%, with margin up 170bp to 12.8%. Orders rose 7%, missing by 9%, and backlog rose 87%. Comparables are limited given the reporting cycle, but Schneider’s 12% growth in automation is still relevant (that business is roughly 50/50 discrete and process automation). Fanuc (FANUY) reported 6% order growth, with 38% growth in robotics, while Yaskawa (YASKY) reported 21% order growth and 34% growth in robotics. ABB is seeing strong food/beverage demand, but slowing trends with auto and general industrial customers. The Outlook I do expect ABB to see weaker orders from short-cycle customers across most industrial end-markets next year, though delivering on the backlog should support results in the first half. All told, the short-cycle correction could be more of a 2023-2024 event than just a 2023 slowdown given the likelihood of significant backlogs at the end of this year. I do also expect a short-term decline in orders related to automation, as companies digest the investments made during and after the pandemic meant to de-bottleneck operations and address labor challenges. Longer term, though, I don’t see any signs of a slowdown in automation as a trend. Electrification demand is holding up well now, but I do have concerns about both residential and non-residential construction in 2023. Like automation, I except positive long-term trends in electrification driven by efficiency, automation, and de-carbonization.Seeking Alpha • Oct 19
ABB Q3 Earnings Preview
ABB (NYSE:ABB) is scheduled to announce Q3 earnings results on Thursday, October 20th, before market open. The consensus EPS Estimate is $0.22 (-33.3% Y/Y) and the consensus Revenue Estimate is $7.42B (+5.5% Y/Y). Over the last 2 years, ABB has beaten EPS estimates 88% of the time and has beaten revenue estimates 75% of the time.Seeking Alpha • Sep 30
ABB to offload remaining 19.9% stake in Hitachi Energy joint venture to Hitachi
ABB (NYSE:ABB) to divest its remaining 19.9% equity stake worth $1.679B in the Hitachi Energy joint venture to Hitachi, Ltd. (Hitachi). This joint venture was formed from ABB’s Power Grids business in 2020, with Hitachi holding a stake of 80.1%. Hitachi has exercised its call option that was agreed between the parties in December 2018. The company said it expects a net positive cash inflow of approximately $1.425B as a result of the sale. The transaction is subject to regulatory approvals and closing is expected in Q4. “We are delighted to have agreed on the final part of the transaction earlier than expected and on favorable terms. This will further strengthen our balance sheet and give us additional flexibility in our capital allocation decisions,” said Timo Ihamuotila, Chief Financial Officer of ABB.Seeking Alpha • Sep 13
ABB: Turbulent Waters May Be Giving Way To A Strong Second Half
Summary ABB’s 1H FY ‘22 results were hampered by COVID-19 lockdowns in China, the global semiconductor shortage, and (to a lesser extent) the war in Ukraine. Despite these headwinds, Q2 FY ‘22 results weren’t bad, with comparable revenue growth of 6% in Q2 FY ‘22 and an order backlog of $19.5B (37% growth versus prior period). 2H FY ‘22 should be characterized by improving cash flow and profitability as headwinds subside and from inventory conversion. With shares down ~25% YTD, the stock could rally heading into FY ‘23 and looks undervalued on a relative basis. Also, with expected stability/growth from the core business via megatrends in electrification and automation, I think the firm offers long investors an excellent “foundational” position for their portfolios. Turbulent Waters Pandemic-related lockdowns in China. The global semiconductor shortage. The war between Russia and Ukraine. ABB Ltd (NYSE:ABB) has had to navigate some turbulent waters recently. The industrial giant, under the thumbs of its large institutional investors including Cevian Capital and Capital Group, had been streamlining itself to increase shareholder value and design a more focused business, with notable divestitures of ABB Power Grids to Hitachi, Ltd. (OTCPK:HTHIY) in 2020 and ABB Dodge to RBC Bearings Inc. (ROLL) last year. Its turbocharger business will, in short order, be spun off as a separate entity, Accelleron, trading on the SIX. As a lighter company, ABB is now composed of 21 divisions spread across its 4 operating segments: Electrification (“EL”), Process Automation (“PA”), Motion, and Robotics and Discrete Automation (“RA”). But, CEO Björn Rosengren is careful to point out that he does not view the company as a “mere” conglomerate – i.e. just a collection of businesses. Rather, each segment, and each division for that matter, is expected to operate as a market leader, contributing to the greater whole – with that whole set on exploiting “megatrend” opportunities, such as the move away from fossil-fuels and a smaller global labor workforce, with those opportunities driving needs in both electrification and automation. Coupled with its geographic diversification and reasonably good financial condition, management believes the company is well-suited to weather the uncertain conditions that have plagued markets as of late. Figure 1: ABB Resiliency Model (ABB Earnings Presentation Q2 FY '22) On those simple points alone, long investors might consider a few ABB shares for their portfolios. But, it is also worth noting that the firm does appear to be something of a relative bargain as compared to other industrial players when considering valuations. Figure 2: ABB and Selected Competitor Statistics (Yves Sukhu) Notes: Data from Polygon.io except P/S, P/B, and trailing P/E multiple data from Yahoo Finance; and EMR sales, liabilities, and margin data from/calculated using data from Yahoo Finance. Data as of market close September 9, 2022. Admittedly, firms like GE, HON, and EMR, as listed in Figure 2, may not be the best “yardsticks” with which to gauge ABB against. Still, given expectations of an improving profitability and cash flow picture in 2H FY ‘22, I think there is a solid bull argument to be made in favor of ABB shares heading into the end of the year. Reprieve Any quotes or statistics in this section without a specific reference are sourced from ABB’s Q2 FY ‘22 Earnings Webcast and ABB’s Q2 FY ‘22 Earnings Presentation Let’s first consider the 3 headwinds mentioned at the outset of the introduction and their impact on ABB’s business, particularly in Q2 FY ‘22: 1. Lockdowns in China. The unexpected, and prolonged, lockdowns in China due to the ongoing COVID-19 pandemic were estimated to have negatively impacted Q2 FY ‘22 sales by (2%). Moreover, RA was hit particularly hard with its largest factory in Shanghai shut down for several weeks. RA net sales of $732M in Q2 decreased (5%) in constant currency versus the prior period. 2. Semiconductor shortage. The global shortage of semiconductors weighed on RA results in 1H FY ‘22, with the segment realizing book-to-bill ratios of 1.79x and 1.52x in Q1 FY ‘22 and Q2 FY ‘22, respectively. Management noted that the EL segment was also impacted by semiconductor shortages, but not to the extent experienced by RA given that EL segment revenues grew 10% in Q2 FY ‘22 in constant currency versus the prior period. 3. War between Ukraine and Russia. ABB operates all over the world, including Russia. Management made the decision in Q2 FY ‘22 to exit the country and will incur a related charge of $57M. 2H FY ‘22 seems set to deliver a reprieve of sorts for the business and for investors with respect to these 3 dynamics. As per management following Q2 FY ‘22 results: 1. Sales in China expected to rebound in the second half. While China remains unpredictable, management thinks that 2H FY ‘22 performance should be substantially improved, including double-digit sales growth in Q3 FY ‘22 for the Motion segment in the country, now that the lockdowns have been lifted. As ABB’s second-largest segment in terms of sales and operating EBITA, Motion volumes were hampered by lockdowns in China, sending operating EBITA margin down (70) bps excluding the ABB Dodge divestment impact. However, as already mentioned, 2H FY ‘22 should see an improving performance from Motion driven by a recovery in the country. Also, despite relatively strong results in the second quarter, the distribution side of EL was noted to have been impacted by softness in the Chinese residential buildings market. Again, with lockdowns lifted, EL is likely to see a better result from its Chinese operations in Q3 FY ‘22 and Q4 FY ‘22. 2. Semiconductor shortages are easing. Obviously with supply chain issues related to semiconductors disappearing, RA should have a much stronger second half than first half. 3. Russia represented a very small part of ABB’s overall business. Management noted that Russia represented about 1% of revenues in FY ‘21, and thus – in the grand scheme of things – was a very small proportion of the total business. Of the total charge of $57M to exit the country, ABB will realize a relatively minor cash flow impact of ($23M) in Q3. With their major headwinds subsiding, ABB’s second-half FY ‘22 story looks enticing. But, there are additional points to consider: Operating EBITA is expected to increase in Q3 FY ‘22. Even when excluding the positive one-time 60 bps operating EBITA impact from corporate operations in Q2 FY ‘22, ABB still noted a sequential operating EBITA margin improvement of 14.9% in Q2 FY '22 from 14.3% in Q1 FY ‘22. And, as seen below, operational EBITA margin has generally been trending higher over the last several quarters. Figure 3: ABB Operational EBITA Trend (ABB Earnings Presentation Q2 FY '22) 2H FY ‘22 should be characterized by good cash generation from inventory conversion. Management noted that the biggest tie-up in cash during the first-half was in inventory. Investors should expect this inventory to be converted to cash in Q3/Q4 FY ‘22. Figure 4: ABB Cash Generation Analysis (ABB Earnings Presentation Q2 FY '22) Overall operating profit was held back by sales volume/mix in Q2 FY ‘22. The improved business climate in China and supply chain relief with respect to semiconductors should drive better overall sales volume/mix in the second half, in turn fueling net revenues and operating EBITA.Seeking Alpha • Sep 06
ABB: Thoughts On The Accelleron Spin-Off
Summary ABB shareholders are set to receive shares in a new company called Accelleron. Accelleron will be a global leader in high-power turbochargers, with industry-leading technology, and a more than 180k turbocharger installed base. There are several risks to consider, including significant selling pressure from ABB shareholders in the short term to technological obsolescence in the long term.Seeking Alpha • Jul 20
ABB to spin off its Accelleron turbocharging business with 1-for-20 shares
ABB (NYSE:ABB) announced its intention to spin off Accelleron (formerly ABB Turbocharging), its market-leading turbocharging division, through way of a dividend in kind of Accelleron Industries shares to ABB's shareholders. If spin-off is approved at the EGM on Sep.7, 2022, ABB will distribute to its shareholders, on a pro rata basis, as a dividend in kind, 1 Accelleron share for 20 ABB shares held. Accelleron’s listing on SIX Swiss Exchange in Zurich is scheduled for Oct.3, 2022. ABB's shareholders will be able to realize the full value of Accelleron, while ABB continues to simplify its portfolio and focus on the megatrends of electrification and automation. Accelleron has an installed base of 180K+ turbochargers globally and delivers ~10K turbochargers every year. Post the spin-off, Accelleron's technological pre-eminence will enable the company to remain at the forefront of innovation by continuing investing in R&D and strengthening partnerships with OEM's and end users as well as to offer attractive returns to its shareholders. In 2021, Accelleron generated revenues of $756M with an operating margin of 25%; cash flows from operating activities stood at $163M in 2021 thereby enabling the company to adopt an attractive dividend policy.Seeking Alpha • Jul 12
ABB join forces Red Hat to deliver digital solutions across industrial edge and hybrid cloud
ABB (NYSE:ABB) and Red Hat enter global partnership to deliver ABB automation and industrial software solutions at the intersection of information technology and operational technology, equipping the industrial ecosystem with extended deployment capabilities and greater agility. Through the alliance, ABB to deliver digital solutions to customers on-demand and at scale using Red Hat OpenShift. With this partnership, ABB will have access to capabilities like zero-touch provisioning which can increase manageability and consistency across plant environments. The customers will be better able to harness the potential of data-based decisions by using applications that can be deployed flexibly from the edge to the cloud. Last month, the company again postponed planned IPO of e-mobility business.Seeking Alpha • Jun 29
ABB: The Story Is Getting More Exciting, And The Valuation More Reasonable
A combination of a lower share price and improved fundamentals have made shares of ABB more attractive again. As part of its restructuring and continuous improvement initiatives the company is already seeing significant improvements in operational EBITA and quality of earnings. ABB's sustainable transportation segment is becoming increasingly important for the company, and growing at a very fast rate, we like the story here. We are updating our rating again on shares of ABB (ABB), even though they have only declined ~17% from where we suggested it was time to take profits, and the performance has been more or less inline with that of the market. The reason for being bullish again on the shares is that while the price is only slightly lower, we believe the fundamentals are actually improving, and the story around the company is getting more exciting. Seeking Alpha It seems to us that a lot of the 'fixing' that needed to be done at ABB either has been done, or is in the process of being completed, and the company is finally ready to really grow again. The financials of the company are a little difficult to follow with all the acquisitions and dispositions it has been doing, but it is clear to us that the quality of the company is now higher than before. Restructuring ABB reorganized to become a more decentralized organization, with the different divisions having more accountability and control over their own operations. The company expects that this change will drive a higher performance culture. ABB Investor Presentation As part of its restructuring and continuous improvement initiatives the company is already seeing significant improvements in operational EBITA and quality of earnings. This shift of ABB towards more attractive markets is already improving significantly the quality of revenues, which means better gross margins, less tail risks, and lower volatility of earnings. The company's main financial ambition is to reach a 15% operational EBITA margin. ABB Investor Presentation Technology ABB's R&D investment as a percentage of revenue has been going up, but it is mostly that it has retained some of the more innovative parts of the business, and disposing of more mature businesses. We like that the percentage is relatively high, confirming that this is indeed a technology company still investing in its future. Data by YCharts There are so many exciting businesses in ABB's portfolio that we cannot cover them all in one article, but we'll talk a little about one of our favorites, and that is sustainable transport. Sustainable transport represents about 10% of ABB's order intake, or ~$3.2 billion. One of the sub-segments in sustainable transport is E-mobility, where ABB is the world leader in EV charging solutions. ABB Investor Presentation There is a good amount of growth in this market, and ABB is capturing market share by growing faster than the market. The sustainable transportation market is growing at a CAGR of ~9%, while ABB's sustainable transport orders have been growing with a CAGR of ~17% between 2017 and 2021. This is according to ABB's management estimates. Sustainable transport is more than just electric cars, it includes heavy construction and mining vehicles, electric ships and ferries, rail, and even ski-lifts. ABB Investor Presentation As a more specific example, ABB is helping ferries cut carbon emissions by ~40% per return trip across the English Channel for P&O Ferries' two new vessels. This can be scaled significantly considering that more than 2 billion passengers are transported by ferries every year. ABB Investor Presentation As a rule of thumb, if an application can make use of an electric motor, there is a good possibility that ABB can help make it more sustainable. And this is a huge opportunity, given that ~45% of the world's electricity is used to power electric motors. There are ~300 million motors in the field that do not meet the latest energy efficiency standards, and 4 out of 5 motors are currently not even controlled by a drive. Financials ABB has increased its revenue growth target to between 4-7%, from 3-5% previously, and it expects earnings per share growth to exceed revenue growth. The other three key targets are an operational EBITA margin above 15%, return on capital employed between 15-20%, and to convert 100% of net income into free cash flow. ABB Investor Presentation Its recent results are certainly pointing in the right direction, with both gross profit and operating margins above the average for the last three years. Data by YCharts At a more granular level, the company has been able to move several businesses from earning less than 10% in operational EBITA, to the categories of those earning between 10-20% and above 20%. The company emphasizes that the >15% margin ambition is the sum of the parts, with some businesses optimizing their operations for profitability and others for growth. ABB Investor Presentation Balance Sheet Thanks to the company's dispositions, it has ample liquidity with cash and short-term investments of > $6 billion. Total long-term debt is ~$9.2 billion, leaving the company with about $3.1 billion in net total long-term debt. The company has a solid investment grade credit rating, and overall we consider the company's balance sheet quite strong. Data by YCharts Valuation As already mentioned, the financials are a bit more difficult to interpret given all the dispositions and acquisitions that have taken place at ABB, that said, its forward EV/EBITDA at ~12x looks attractive and is below the ten year average. Data by YCharts Shares are currently yielding a respectable ~3.2%, but what is more attractive is the net share repurchases the company is doing, which places the net common payout yield at close to 10%.Seeking Alpha • Apr 18
ABB Ltd: Bearish Trend Now Gaining Traction
Recent share-price action has resulted in a bearish crossover in the monthly MACD. This lines up with 4 consecutive weeks of declining prices. The market is seeing that growth projections have been faltering and supply chain issues have not been resolved.Seeking Alpha • Mar 14
ABB: Stable Prospects
Well placed to benefit from growth in electrification and robotics. Tailwinds from expected global multi-year capex upcycle. Relatively light software focus relative to peers but management is intent on growing this business.Seeking Alpha • Feb 15
ABB Undervalued As The Next Phase Of Its Evolution Begins
ABB posted better numbers than the sell-side expected, but margin leverage was soft and many rivals posted better numbers. The company is transitioning from turnaround/repair to growth, and management will need to prove that they can keep pace in the attractive electrification and automation markets. ABB shares look priced for an attractive high single-digit long-term return based on 4% revenue growth and approximately 10% FCF growth.Seeking Alpha • Jan 30
ABB: Eyeing Up A Potential Short Trade
Moving Averages continue to converge on the popular MACD technical indicator. Strong order growth being hindered by supply chain headwinds. ABB's current valuation remains much higher than historic averages.Seeking Alpha • Oct 23
ABB: It's Time To Take Profits
We wrote a bullish article on ABB more than two years ago, and since then, it has significantly outperformed both the S&P 500 and our own expectations. ABB's turnaround under a new CEO is real, but the valuation has become extremely stretched, and we believe it is time to take profits or at least reduce the position. We are positive on the company's fundamentals and still believe it can grow at a decent pace, but the valuation is too demanding.Prognoser för vinst- och omsättningstillväxt
| Datum | Intäkter | Intäkter | Fritt kassaflöde | Kassaflöde från rörelsen | Genomsnittligt Antal analytiker |
|---|---|---|---|---|---|
| 12/31/2028 | 43,627 | 6,719 | 6,231 | 7,282 | 22 |
| 12/31/2027 | 40,463 | 6,032 | 5,479 | 6,528 | 26 |
| 12/31/2026 | 37,446 | 6,863 | 4,658 | 5,738 | 26 |
| 3/31/2026 | 34,572 | 4,863 | 4,815 | 5,814 | N/A |
| 12/31/2025 | 33,220 | 4,560 | 4,468 | 5,469 | N/A |
| 9/30/2025 | 31,688 | 4,159 | 4,184 | 5,057 | N/A |
| 6/30/2025 | 30,756 | 3,902 | 3,785 | 4,625 | N/A |
| 3/31/2025 | 30,095 | 3,842 | 3,832 | 4,633 | N/A |
| 12/31/2024 | 30,583 | 3,709 | 3,876 | 4,675 | N/A |
| 9/30/2024 | 32,505 | 3,875 | 4,209 | 5,035 | N/A |
| 6/30/2024 | 32,322 | 3,822 | 4,236 | 5,041 | N/A |
| 3/31/2024 | 32,246 | 3,634 | 3,934 | 4,734 | N/A |
| 12/31/2023 | 32,235 | 3,769 | 3,520 | 4,290 | N/A |
| 9/30/2023 | 31,814 | 3,979 | 2,315 | 3,080 | N/A |
| 6/30/2023 | 31,252 | 3,466 | 1,765 | 2,520 | N/A |
| 3/31/2023 | 30,340 | 2,944 | 1,416 | 2,142 | N/A |
| 12/31/2022 | 29,446 | 2,518 | 525 | 1,287 | N/A |
| 9/30/2022 | 29,189 | 4,054 | 756 | 1,620 | N/A |
| 6/30/2022 | 28,811 | 4,339 | 1,068 | 1,933 | N/A |
| 3/31/2022 | 29,009 | 4,711 | 1,349 | 2,214 | N/A |
| 12/31/2021 | 28,945 | 4,626 | 2,510 | 3,330 | N/A |
| 9/30/2021 | 28,560 | 2,055 | 2,771 | 3,492 | N/A |
| 6/30/2021 | 28,114 | 886 | 2,112 | 2,796 | N/A |
| 3/31/2021 | 26,819 | 494 | 2,140 | 2,813 | N/A |
| 12/31/2020 | 26,134 | 286 | 999 | 1,693 | N/A |
| 9/30/2020 | 26,020 | 457 | 1,756 | 2,422 | N/A |
| 6/30/2020 | 26,330 | 1,383 | 1,995 | 2,684 | N/A |
| 3/31/2020 | 27,347 | 937 | 1,286 | 2,004 | N/A |
| 12/31/2019 | 27,978 | 1,001 | N/A | 2,325 | N/A |
| 9/30/2019 | 28,305 | 908 | N/A | 2,281 | N/A |
| 6/30/2019 | 28,508 | 884 | N/A | 2,176 | N/A |
| 3/31/2019 | 28,068 | 1,450 | N/A | 3,186 | N/A |
| 12/31/2018 | 27,662 | 1,450 | N/A | 2,924 | N/A |
| 9/30/2018 | 20,431 | 809 | N/A | 2,926 | N/A |
| 6/30/2018 | 22,060 | 991 | N/A | 3,315 | N/A |
| 3/31/2018 | 23,783 | 1,027 | N/A | 2,772 | N/A |
| 12/31/2017 | 25,196 | 1,367 | N/A | 3,799 | N/A |
| 9/30/2017 | 34,025 | 2,249 | N/A | 3,358 | N/A |
| 6/30/2017 | 33,556 | 2,225 | N/A | 3,485 | N/A |
| 3/31/2017 | 33,779 | 2,108 | N/A | 4,100 | N/A |
| 12/31/2016 | 24,929 | 1,100 | N/A | 3,843 | N/A |
| 9/30/2016 | 34,077 | 1,663 | N/A | 4,409 | N/A |
| 6/30/2016 | 34,341 | 1,688 | N/A | 4,501 | N/A |
| 3/31/2016 | 34,829 | 1,871 | N/A | 4,017 | N/A |
| 12/31/2015 | 35,481 | 1,930 | N/A | 3,818 | N/A |
| 9/30/2015 | 36,585 | 2,393 | N/A | 3,657 | N/A |
| 6/30/2015 | 37,889 | 2,538 | N/A | 3,653 | N/A |
Analytiker Framtid Tillväxt Prognoser
Intäkter kontra sparande: ABBN.Y s prognostiserade vinsttillväxt ( 7.1% per år) är över sparkvoten ( 3.5% ).
Resultat vs marknad: ABBN.Y s intäkter ( 7.1% per år) förväntas växa långsammare än marknaden för US ( 16.6% per år).
Höga tillväxtresultat: ABBN.Y s intäkter förväntas växa, men inte avsevärt.
Intäkt vs marknad: ABBN.Y s intäkter ( 7.7% per år) förväntas växa långsammare än marknaden för US ( 11.5% per år).
Hög tillväxtintäkter: ABBN.Y s intäkter ( 7.7% per år) förväntas växa långsammare än 20% per år.
Tillväxtprognoser för vinst per aktie
Framtida avkastning på eget kapital
Framtida ROE: ABBN.Y s avkastning på eget kapital förväntas bli hög om 3 år ( 25.5 %)
Upptäck tillväxtföretag
Företagsanalys och finansiella data Status
| Uppgifter | Senast uppdaterad (UTC-tid) |
|---|---|
| Analys av företag | 2026/05/07 11:26 |
| Aktiekurs vid dagens slut | 2026/05/07 00:00 |
| Intäkter | 2026/03/31 |
| Årlig intjäning | 2025/12/31 |
Datakällor
Den data som används i vår företagsanalys kommer från S&P Global Market Intelligence LLC. Följande data används i vår analysmodell för att generera denna rapport. Data är normaliserade vilket kan medföra en fördröjning från det att källan är tillgänglig.
| Paket | Uppgifter | Tidsram | Exempel US-källa |
|---|---|---|---|
| Företagets finansiella ställning | 10 år |
| |
| Analytikernas konsensusuppskattningar | +3 år |
|
|
| Marknadspriser | 30 år |
| |
| Ägarskap | 10 år |
| |
| Förvaltning | 10 år |
| |
| Viktiga utvecklingstendenser | 10 år |
|
* Exempel för amerikanska värdepapper, för icke-amerikanska värdepapper används motsvarande regelverk och källor.
Om inget annat anges är all finansiell data baserad på en årsperiod men uppdateras kvartalsvis. Detta kallas data för efterföljande tolv månader (TTM) eller senaste tolv månader (LTM). Lär dig mer om detta.
Analysmodell och snöflinga
Detaljer om analysmodellen som användes för att skapa den här rapporten finns på vår Github-sida, vi har också guider om hur du använder våra rapporter och tutorials på Youtube.
Lär dig mer om det team i världsklass som utformade och byggde analysmodellen Simply Wall St.
Industri- och sektormått
Våra bransch- och sektionsmått beräknas var sjätte timme av Simply Wall St, detaljer om vår process finns tillgängliga på Github.
Källor för analytiker
ABB Ltd bevakas av 56 analytiker. 26 av dessa analytiker lämnade de uppskattningar av intäkter eller resultat som användes som indata till vår rapport. Analytikernas inskickade estimat uppdateras löpande under dagen.
| Analytiker | Institution |
|---|---|
| null null | ABG Sundal Collier |
| Guenther Hollfelder | Baader Helvea Equity Research |
| Stefan Gächter | Baader Helvea Equity Research |